Europe must act ‘fast’ to tackle debt crisis: Obama

crisis, and warned that the euro zone must not rely on US consumers to export its way out of trouble.
Calling the common currency bloc’s sprawling debt crisis the largest obstacle to the United States’ own recovery, Obama said he hoped that a plan would be in place by a meeting of Group of 20 leaders in the south of France on November 3-4.
“They’ve got to act fast,” Obama said during a White House press conference.
“The biggest head-wind the American economy is facing right now is uncertainty about Europe because it’s affecting global markets.”
Markets have been roiled by fears that tiny euro zone member Greece may default on its debt.
That has also pressured Spain and Italy, viewed as having shaky finances, as Washington pushes euro zone heavyweights Germany and France to act.
This has contributed to steep losses on Wall Street.
Investors ponder whether the United States is headed into another recession, hobbling Obama’s task of cutting unemployment, pinned above 9 percent, that is key to his hopes for re-election as president for a second term in 2012.
“My strong hope is that by the time of that G20 meeting, that they have a very clear, concrete plan of action that is sufficient to the task,” Obama said. – Reuters.